Archive for the ‘Bank’ Category

The Bank of PayPal

June 15, 2007

“With new security steps and plans for a debit card, eBay’s online payment service is taking on its finance rivals. In Europe, it’s even got a banking license”

“Every few hours at the eBay Live! conference in Boston, the audio speakers explode with Kool & the Gang’s song Celebration. For eBay’s (EBAY) executives, it’s a way of reminding everyone that, despite declining growth in its main shopping business, the company has reasons to party.

Reason No. 1? PayPal. If eBay Live! is a celebration, then eBay’s online payment service is the guest of honor. PayPal’s first-quarter revenue grew 31%, to $439 million, at a time when eBay’s core shopping business grew just 23% and active buyers and sellers grew 10%. PayPal is proving that its success, while connected to the growth of eBay’s shopping sites, is not solely dependent on it.”